Turkish consumer confidence drops to 7.7 percent in October

ISTANBUL

The consumer confidence index fell 7.7 percent month-on-month to 84.8 in October from 91.9 in September, according to the consumer tendency survey conducted jointly by the Turkish Statistical Institute (TÜİK) and the Central Bank.

The index increased 1.3 percent in September before reversing course in October.

All major sub-indices declined during the month. The index measuring households’ current financial situation dropped 9.3 percent to 68.3 from 75.3, while expectations for households’ financial situation over the next 12 months fell 7.7 percent to 86.4 from 93.7.

The sub-index tracking expectations for the general economic situation over the next 12 months decreased 9 percent to 81.7 from 89.8. Meanwhile, the assessment of spending on durable goods over the next 12 months declined 5.6 percent to 102.7 from 108.8.

The consumer confidence index ranges between 0 and 200. A reading above 100 indicates an optimistic outlook, while a reading below 100 points to a pessimistic outlook.